XUT3.L vs. TFRN.L
XUT3.L (Xtrackers II US Treasuries 1-3 UCITS ETF 1D) and TFRN.L (WisdomTree USD Floating Rate Treasury Bond UCITS ETF - USD Acc) are both Government Bonds funds - XUT3.L tracks the iBoxx USD Treasuries 1-3 Index while TFRN.L tracks the Bloomberg US Treasury Floating Rate Bond Index. Both are passively managed. Over the past 5 years, XUT3.L returned 1.90%/yr vs 3.65%/yr for TFRN.L. At a 0.01 correlation, their price movements are largely independent. XUT3.L charges 0.06%/yr vs 0.15%/yr for TFRN.L.
Performance
XUT3.L vs. TFRN.L - Performance Comparison
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Returns By Period
In the year-to-date period, XUT3.L achieves a 0.55% return, which is significantly lower than TFRN.L's 1.80% return.
XUT3.L
- 1D
- 0.08%
- 1M
- 0.24%
- YTD
- 0.55%
- 6M
- 0.74%
- 1Y
- 3.01%
- 3Y*
- 4.25%
- 5Y*
- 1.90%
- 10Y*
- 1.70%
TFRN.L
- 1D
- 0.00%
- 1M
- 0.43%
- YTD
- 1.80%
- 6M
- 1.73%
- 1Y
- 3.86%
- 3Y*
- 4.68%
- 5Y*
- 3.65%
- 10Y*
- —
XUT3.L vs. TFRN.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
XUT3.L Xtrackers II US Treasuries 1-3 UCITS ETF 1D | 0.55% | 5.06% | 4.13% | 4.10% | -3.60% | -0.62% | 2.95% | 2.92% |
TFRN.L WisdomTree USD Floating Rate Treasury Bond UCITS ETF - USD Acc | 1.80% | 4.10% | 5.44% | 4.94% | 2.04% | -0.15% | 0.57% | 1.59% |
Correlation
The correlation between XUT3.L and TFRN.L is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Mar 21, 2019 | 0.01 |
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Return for Risk
XUT3.L vs. TFRN.L — Risk / Return Rank
XUT3.L
TFRN.L
XUT3.L vs. TFRN.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers II US Treasuries 1-3 UCITS ETF 1D (XUT3.L) and WisdomTree USD Floating Rate Treasury Bond UCITS ETF - USD Acc (TFRN.L). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| XUT3.L | TFRN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.67 | ||
| Sortino ratioReturn per unit of downside risk | +1.20 | ||
| Omega ratioGain probability vs. loss probability | 1.57 | 1.59 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 4.47 | 3.94 | +0.53 |
| Martin ratioReturn relative to average drawdown | 17.00 | 34.34 | -17.34 |
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Drawdowns
XUT3.L vs. TFRN.L - Drawdown Comparison
The maximum XUT3.L drawdown since its inception was -5.45%, which is greater than TFRN.L's maximum drawdown of -3.10%. Use the drawdown chart below to compare losses from any high point for XUT3.L and TFRN.L.
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Drawdown Indicators
| XUT3.L | TFRN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.45% | -3.10% | -2.35% |
Max Drawdown (1Y)Largest decline over 1 year | -0.67% | -0.98% | +0.31% |
Max Drawdown (3Y)Largest decline over 3 years | -0.91% | -0.98% | +0.07% |
Max Drawdown (5Y)Largest decline over 5 years | -5.45% | -0.98% | -4.47% |
Max Drawdown (10Y)Largest decline over 10 years | -5.45% | — | — |
Current DrawdownCurrent decline from peak | -0.11% | 0.00% | -0.11% |
Average DrawdownAverage peak-to-trough decline | -0.55% | -0.09% | -0.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.18% | 0.11% | +0.07% |
Volatility
XUT3.L vs. TFRN.L - Volatility Comparison
Xtrackers II US Treasuries 1-3 UCITS ETF 1D (XUT3.L) has a higher volatility of 0.39% compared to WisdomTree USD Floating Rate Treasury Bond UCITS ETF - USD Acc (TFRN.L) at 0.14%. This indicates that XUT3.L's price experiences larger fluctuations and is considered to be riskier than TFRN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XUT3.L | TFRN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.39% | 0.14% | +0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 0.83% | 0.91% | -0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.13% | 1.92% | -0.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.89% | 1.51% | +0.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.49% | 1.88% | -0.39% |
XUT3.L vs. TFRN.L - Expense Ratio Comparison
XUT3.L has a 0.06% expense ratio, which is lower than TFRN.L's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
XUT3.L vs. TFRN.L - Dividend Comparison
XUT3.L's dividend yield for the trailing twelve months is around 2.84%, while TFRN.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TFRN.L WisdomTree USD Floating Rate Treasury Bond UCITS ETF - USD Acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XUT3.L Xtrackers II US Treasuries 1-3 UCITS ETF 1D | 2.84% | 2.70% | 2.35% | 1.80% | 1.00% | 2.89% | 2.43% | 1.16% | 1.00% | 0.69% |
Frequently Asked Questions
XUT3.L and TFRN.L have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XUT3.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XUT3.L is cheaper with a 0.06% expense ratio, compared with 0.15% for TFRN.L.
XUT3.L tracks iBoxx USD Treasuries 1-3 Index, while TFRN.L tracks Bloomberg US Treasury Floating Rate Bond Index. They also come from different issuers: Xtrackers and WisdomTree. Their fees differ too: 0.06% for XUT3.L and 0.15% for TFRN.L.
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